All meetings have both an audio and web component to it. Users have a preference called "Web meeting room" which has two options: Full meeting room or Participant list only. This setting defines what the web functionality will be for a meeting.
Web meeting room enables the entire web meeting room experience (document/display sharing, chat, notes, etc) and consumes web licenses.
Participant list only shows ONLY the Participant List box of the web meeting room and does NOT consume web licenses.
Users can set their default value in their profile and override this on a per-meeting basis during scheduling. It cannot be changed once the meeting has started.
Reservationless meetings always assume a "Full meeting room" value.